Police arrest man in 'cryptocurrency boiler room' probe

A man has been arrested following a 'boiler room' probe into a 'cryptocurrency' trading outfit.

The man is thought to be part of a group which allegedly established the boiler room on London's Old Broad Street to persuade people to invest in a cryptocurrency.

Detectives from the City of London Police’s fraud squad made the arrest at 6.30am at the man’s home address in Oaktree Gardens, London.

The investigation began after reports were made to Action Fraud, the national fraud and cyber crime reporting service.

So far, nine reports have been made to Action Fraud with a total loss to victims estimated to be £160,000.

According to a statement from the City of London Police, victims were cold called by salespeople who allegedly persuaded them to invest in a crypto currency which does not exist and is therefore worthless.

Detectives have been in contact with the victims of the company.

'Investment fraudsters are still targeting people throughout the country and they employ aggressive sales tactics which are often used to pressurise unsuspecting victims into parting with large sums of money,' City of London police detective Mark Forster said in a statement.

'These people often base themselves in the City as they believe having an address in a prestigious financial district will help to legitimise their fraud.'

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